Rand unchanged at noon

The rand was little changed by noon, having earlier endured a spike to 8.25 against the dollar as a result of a mispricing on the Tokyo Financial Exchange.

At 11.47am the rand was bid at R.87 to the dollar, R11.63 to the euro and R12.91 to the pound. The euro was bid at $1.4776 from $1.4734 overnight.

A local trader said: "The rand spiked after the incorrect trading model for the Tokyo Financial Exchange (TFX) was used in Singapore, pushing the rand to R8.25 against the dollar.

"We have since come back down to R7.85, but it is obviously not good for the rand. There hasn't been much else to drive the local currency since then. We will continue to track equity markets.”